What’s Intellectual Property and Does China Steal It?

As penalties for stealing go, it must rate among the steepest. U.S. President Donald Trump has decided to impose tariffs on $50 billion worth of imports from China as punishment for the alleged theft of American intellectual property. Such violations, from counterfeiting famous brands and stealing trade secrets to pressuring companies to share technology with Chinese companies to gain access to China’s vast market, have long angered China’s overseas competitors. As a result, many companies are wary of doing business there. Efforts to improve enforcement have not come fast enough for Trump.

It refers to creations of the mind, such as inventions, literary and artistic works, and designs, symbols, names and images used in commerce, according to the World Intellectual Property Organization. IP is protected in law by patents, copyright and trademarks, enabling people to earn recognition or financial benefit from what they invent or create. “The IP system aims to foster an environment in which creativity and innovation can flourish," the WIPO says.